Wealth Index
Wealthier than 92% of counties in Florida
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,672 | $71,865 | $78,145 |
| Median Personal Income | $58,305 | $53,537 | $61,726 |
| Average income growth | 5.6% | 5.7% | 5.1% |
| Six-Figure Earners | 14.8% | 10.9% | 13.2% |
The median household income in Palm Beach County is about 14% higher than in Florida. Income has been growing slower in Palm Beach County (5.6%/yr) than in Florida (5.7%/yr).
About 15% of adults in Palm Beach County earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Palm Beach County, Florida grew by 51.5% from 2009 to 2023, reaching $81,672 in 2023. That's an average of about 5.6% per year.
Economic Inequality in Palm Beach County | Gender Pay Gap | Gini Coefficient
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.569 | 0.566 | 0.570 |
| Male Median Income | $64,001 | $58,426 | $67,746 |
| Female Median Income | $52,599 | $48,893 | $54,793 |
| Gender Pay Gap | 17.8% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Palm Beach County, it is 0.569, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 22% more than women's income in Palm Beach County, Florida. Over a 35-year career, a 22% wage gap accumulates to roughly $399,070 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palm Beach County, Florida has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $4,325 since 2009.
Employment
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 4.8% | 5.2% |
| Working from Home | 13.8% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 40,390 people are unemployed in Palm Beach County, Florida.
The average commute time in Palm Beach County is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm Beach County, Florida has fallen from 10.5% to 5.4% in 2023.
Conclusion
Considering all these factors, Palm Beach County, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palm Beach County, Florida.
How Rich Is Palm Beach County, Florida?
Palm Beach County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $81,672, about 14% higher than the Florida average of $71,865.
What is the current median household income in Palm Beach County, Florida?
As of 2023, the median household income in Palm Beach County, Florida is $81,672.
What was the median household income in Palm Beach County in 2023?
In 2023, the median household income in Palm Beach County, Florida was $81,672.
What was the median household income in Palm Beach County in 2020?
In 2020, the median household income in Palm Beach County, Florida was $65,272.
What is the Gini coefficient in Palm Beach County, Florida?
The Gini coefficient in Palm Beach County is 0.569. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Palm Beach County, Florida?
Since 2009, the income gap between men and women in Palm Beach County, Florida has widened from about 16% to 18% in 2023. In dollar terms, the gap has widened by $4,325 since 2009.